We consider a rational function $f$ which is ‘lacunary’ in the sense that it can be expressed as the ratio of two polynomials (not necessarily coprime) having each at most a given number $\ell$ of terms. Then we look at the possible decompositions $f\left(x\right)=g\left(h\right(x\left)\right)$, where $g,h$ are rational functions of degree larger than 1. We prove that, apart from certain exceptional cases which we completely describe, the degree of $g$ is bounded only in terms of $\ell$ (and we provide explicit bounds). This supports and quantifies the intuitive...